Monday, October 20, 2014

Condos Keep Converting: 181 Park Place, #3

When you close on a 5-story brownstone in prime Prospect Heights in 2013 for just over $1.8M and list just one of the condos on 2 floors for even more than $1.85M, you know you're in a hot market.  That's exactly how it's going down on 181 Park Place, #3.  Sure, buying it for $1.8M and flipping it right back for $2.99M didn't quite work, but we think the condo conversion will.  It was adorable to see would-be developers pull out their crayons and draw pro-formas on this place just over two years ago, back when the owner would've let it go around $1.5M and nobody wanted to pay a penny over $1.25M.  But now that it's obviously hotter than hot in Brooklyn right now, guess how much comparable off-market SRO shells are going for?  $2.7M a piece, like 218-220 Park Place last month!

No pics yet for the condo, but the floor plan shows a duplex with a private roof deck.  For all those that say nobody will pay this price for a 4-floor walk up, just watch 'em...

And don't act like $1,000+/sqft hasn't happened over here before.  And don't act like the same broker didn't just move a similar brownstone conversion for some $1M/floor just across Flatbush at 777 Carroll Street.  It's not what people wanna hear, but it is what's going on it the streets.  We ain't over here "touting" jack, despite what people might claim.  We're just telling it like it is.  Prices like these ain't pretty for buyers, but still a value over comparable product in Manhattan or "better" parts of Brooklyn.  Sometimes you just gotta say "wow".

Would-be developers take heed.  Sleep on off-market 5-story estate-type sales around $500/sqft at your own peril.

Pro's:  prime renovated Prospect Heights duplex condo with private roof deck, not a 50+ unit building

Con's:  certainly ain't cheap, no pics yet, it is a four-floor walk-up, quality reno or not?

Ideally:  a valuable lesson for some and a buy for others.  Certainly too rich for our blood, though.  Maybe this is why Bed-Stuy gems go for this price now?

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